WNR: Here’s what happened in MENA this week

WNR: Here’s what happened in MENA this week

Egypt has signed a $1.5 billion agreement with the International Islamic Trade Finance Corporation (ITFC) that includes financing imports of energy products and essential commodities. Egypt’s Planning Minister Hala El Said said that the agreement between Egypt and ITFC totals $14.5 billion so far.

UAE’s Hotdesk acquires Spain’s Yado. The acquisition of YADO will enable Hotdesk to further increase its footprint in key markets across the globe, and double down on its core proposition of providing hyper-local experiences for its users.

Matbakhi, Saudi Arabia’s FoodTech startup, raised $2.3m in a pre-seed funding round, led by Bugshan Investment Company and various angel investors. The founders will be using the fund to establish the Hotel Cloud Kitchen model in Saudi Arabia and expand across MENA.

The Sovereign Fund of Egypt (TFSE) and B Investments to invest over 2 billion EGP in Egypt’s healthcare sector. TSFE will commit to investing EGP 100 million in B Healthcare Investments and B Investments will invest in TSFE Healthcare & Pharma Subfund’s established investment platform dedicated to investing in pharmaceutical distribution and trade services.

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